Ibrahim Mahama, Chief Executive Officer (CEO) of Engineers and Planners, has urged African banks to operate beyond the borders of their countries in order to retain capital inflow.
Speaking at the just-ended Afrexim Summit in Dubai, Ibrahim said the inability of local banks to go beyond their operational borders pose a major setback to project investments on the continent.
The summit brought together thriving entrepreneurs from African countries to share ideas on business on the continent.
‘The problem we have is that we have banks that do not operate cross border. You go into Nigeria, you deal with let’s say First Bank, First Bank is not in Ghana. The problem in our country as well is that single-obligor limit and the access to financing.
‘When I go to a bank and I see a project and it’s over 300 million dollars and I can only get 10 million dollars, who do I speak to? If you put even 10 banks together, they can’t do such transactions,’ he said.
‘I think we need to rethink, Africa has got higher returns and better profits than Europe. Business in Europe is all finished.’
Engineers and Planners, a wholly-owned Ghanaian company with over 15 years experience in mining, also has expertise in the management and hiring of heavy-duty plants, equipment and machinery, haulage, oil and gas, as well as land reclamation and restoration.
The company also operates in four countries- Ghana, Sierra Leone, Congo Brazzaville and Liberia.
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